Question

An automobile purchased for $34,800 is worth $8550 after 7 years. Assuming that the car's value depreciated steadily from year to year, what was it worth at the end of the third year?

Answer 1

average depreciation rate =\(\dfrac{$8550−$34800}{7~ years}\)=−$3750/year

The price after the third year is = $34800 - $3750/year*3 years